Decree 24 will be amended to create conditions for importing raw gold
Regarding gold invoice management, according to Deputy Prime Minister and Minister of Finance Ho Duc Phoc, the Ministry of Finance has directed tax authorities to issue 5 documents guiding tax declaration and payment, according to Decree 123/2020 and Circular No. April 78/2023.
“Managing invoices for businesses and gold shops has no difficulties or problems,” he said.
But in reality, market management forces discovered that some gold shops could not prove the origin of the raw materials. The Deputy Prime Minister affirmed that “it will only be handled when it is discovered that this gold is smuggled gold. If it cannot be proven, it will not be handled.”
He acknowledged that the reality of gold market management is changing, so the State Bank is currently implementing amendments to Decree 24. In particular, the authorities will study policies to create conditions for importing raw gold products. export; Domestic tax incentives to create conditions for domestically produced jewelry to be exported.
Deputy Prime Minister and Minister of Finance Ho Duc Phoc answered questions on the afternoon of November 11. Image: National Assembly Press Center
Regarding solutions, Mr. Phoc said the authorities will promote transparent trading, apply technology to manage companies and gold shops, combat gold smuggling and promote production and business, and develop the capital market. . “Gold is no longer a monetary measure, but is still a haven for idle money, so it will be strictly managed,” said the Deputy Prime Minister.
At the end of the banking sector questioning session, there were 43 delegates questioning, 1 debating and 11 delegates remaining unanswered. This is the second time answering questions, National Assembly Chairman Tran Thanh Man assessed that the Governor has “firmly grasped the issue and answered it directly”.
The Chairman of the National Assembly requested the Government in 2025 to summarize the implementation of Decree 24 managing the gold market and propose amendments and supplements in accordance with reality, so as not to let gold price fluctuations affect exchange rates, inflation and macroeconomic stability. Along with that, management agencies need to research measures to encourage people to sell gold to invest in production and business.